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August 30, 2016

Law 360: Wall St. Scold Asks Justices To Hear Bank Whistleblower Case

Law360, New York (August 29, 2016, 1:47 PM ET) — A Wall Street watchdog group on Friday urged the U.S. Supreme Court to take on a case seeking to overturn a Sixth Circuit decision that blocked a whistleblower suit alleging foreclosure fraud at U.S. Bank NA.

Better Markets said in its brief that the Sixth Circuit’s March ruling, which affirmed a lower court decision tossing a False Claims Act suit by another nonprofit organization, made it harder for whistleblowers to bring cases in that circuit when a bank or any other organization makes broad disclosures about alleged improper conduct. That reasoning would make it easier for banks and others to get away with conduct that defrauds the government, Better Markets said.

“Without a limiting principle, the Sixth Circuit will have established a new addition to an unwelcome set of crisis-era neologisms: Not only are financial giants ‘too big to fail’ and their executives ‘too big to jail,’ but companies known to have systematic deficiencies are ‘too bad to sue’ even when they defraud the government with previously unidentified false claims. Such an intolerable result cannot stand,” Better Markets’ brief said.

To read the full Law 360 article by Evan Weinberger click here.

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